Jade far outshines the gold Hong kong hong kong jewelry enthusiast dennis sun
has been buying jade for three decades.These days, it has been harder to snag
the perfect piece as mainland chinese buyers drive prices over the top. At a
christie's promote in may, he watched a jadeite ring sell for approximately
hk$20 million($2.6 million), Or five times its predicted price.Work for month,
he bought a jade bangle for almost hk$1 million is really a popular color and
quality weren't what he had hoped for. On line casinos of the precious gem is
surging with china's wealthy snapping up jade necklaces, rings and bracelets as
long term stocks.They are counting on the stone's steady ascent to provide
safety as shanghai's stock exchange languishes, much of the bond market remains
closed to retail purchasers and even gold prices have plunged. About 90 percent
of the jadeite, the majority of precious version of the stone, is from mines in
myanmar.Costs are surging because demand is outpacing supply, assumed humphrey
yen, a trainer at the hong kong institute of gemmology. Nonetheless, users"May
find it hard to cash out as there is a lack of an globally recognized market or
a price standard for the gemstone, yen referred to. Without standard
cosmopolitan pricing systems, consumers rely on subjective valuations by jewelry
experts, or use sell bids as a gauge. "They've got to rely on auction (click here)
houses to facilitate a trade, or trade it between fans, suggested yen.
"Commonly, they need create connections to jewelers, Best known as green gem,
jade really shines colors such as red, yellow hue, white and rose.Its price has
doubled at auctions over the past five years using more than half of sotheby's
recent jadeite sales coming from chinese buyers, told me terry chu, deputy head
of sotheby's jewelry split in asia. The chinese rush for the stone is aiding
worldwide auction houses and jewelers such as chow tai fook jewellery group ltd,
while to provide revenue to myanmar, one of asia's weakest nations, which has
been opening its economy recently since within the armed forces relinquished
some control.A jade and gem auction in june fetched over $2 billion for the
southeast asian nation's govt, which says the chinese are its biggest owners.
Chinese buyers continue to not assured of quick returns. "Even as you own a high
quality jadeite stone, in conversation with simply cash out like you trade your
stocks;You must find a buyer who's in order to pay top money for it, told sun,
who is also chairman of photo company china hong kong photo products holdings
ltd. "It's not for investors or day traders, While jade doesn't certify"Funds,
he is hopeful it can look after his wealth against increases in inflation. Jade
has been seen as an imperial stone because the qing dynasty.Jadeite,
contacted"Fei cui"From mandarthroughout the, is told ward off evil spirits and
symbolizes purity and longevity in china.It is cut personally, known kent wong,
budgeting director of chow tai fook, china's best jewelry chain. Jade is a
normal term for both jadeite and nephrite, two distinct elaborate stones.The
much smoother nephrite, which is less rare and sourced from parts of china and
the center east, is treated mainly for carving. As the chinese have grown
wealthier and more urbane in their tastes, they favored jade's subdued allure
over flashier stones.An austerity campaign by president xi jinping that seeks to
curb extravagant official expenses are giving the stone an added boost. Jade has
been"More hidden"Than gold or diamonds and likely to have better demand for less
conspicuous products, reported aaron fischer, an analyzer at clsa ltd. The sun's
light, who says he buys as a enthusiast and not as a speculator, estimates Pandora
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the worthiness of a necklace he bought some time ago has
almost tripled to about hk$100 million. Stock exchange trading in china, that
economy is poised for the weakest expansion since 1990, has gotten 7.2 per this
year.Even global bullion prices have stepped this year, arriving at $1, 180.50
per ounce on June 28 working london, The minimum level in almost three years.
With a limited set of established investment options, wealthy chinese have
poured money into art and site.Next door in hong kong, investors in pursuit of
new investments are snapping up taxis and licenses. While the chinese have also
raised investing in pricey items such as diamonds as incomes have risen, jade
holds a special place caused by a long cultural tradition. Sun says his father
taught him how to choose a good piece of jade.He loves the gem because its color
is vivid and every piece not the same. "By purchasing jadeite and diamonds, we
are pretty much buying natural resources, which is a safe long term investment,
he was quoted saying. "It is bound to beat inflation, For chinese jewelry
retailers, gross prices on gold items are in the"Mid adolescents, weighed
against 40 percent to 50 percent on sets with gems such as jade or diamonds,
cited fischer, the clsa analyzer. Chow tai fook says that if a venture
capitalist wishes to sell the gem, it buys through.The hong kong based company
extended sold a jadeite bead necklace for over $1.3 million and expects to keep
taking advantage of that demand.Managing director wong says jade prices have
almost tripled since 2005 and may very well rise at a compounded rate of 15
percent to 20 percent each year. One vip customer recently showed wong his jade
set.The consumer, a home developer in northern china, had built up a set of
greater than 100 jadeite bangles, each costing a minimum 1 million yuan($163,
000).A jade, wong celebrity fad, was in essence"Travel wealth,